1. For the purposes of subsection 44 (1) of the Act, a corporation or association listed in Column 1 of the Schedule to this Regulation is a designated compensation association for the classes of insurance set out opposite thereto in Column 2. R.R.O. 1990, Reg. 667, s. 1.

Designation of Classes of Insurance

2. The classes of insurance designated under clause 44 (1) (l) of the Act with respect to compensation associations are,

(a) accident and sickness insurance, which is insurance within the meaning of accident insurance and sickness insurance, except accident and sickness insurance underwritten by a fraternal society;

(i) to indemnify the directors and officers of a corporation for losses resulting from a claim against them for a negligent or wrongful act, or

(ii) to indemnify a corporation for losses which the corporation is permitted or required by law to indemnify its directors and officers with respect to claims against them for negligent or wrongful acts;

(c) errors and omissions insurance, which is insurance for amounts that an insured is legally obligated to pay as damages because of an act, error or omission by the insured or by a person for whose acts, errors or omissions the insured is legally responsible, if the act, error or omission arises out of the performance of, intended performance of or failure to perform professional services, other than medical services, for another person;

(d) fidelity insurance, which is insurance,

(i) for loss caused by the unfaithful performance or duties by a person in a position of trust, or

(ii) guaranteeing the proper fulfilment of the duties of an office;

(e) legal expense insurance, which is insurance for costs incurred by a person for specified legal services to the person including fees or other costs relating to the provision of the services;

(f) liability insurance, which is insurance against liability arising out of,

(i) bodily injury to or the death of a person, including insurance for expenses arising out of bodily injury to a person other than an insured or a member of the insured’s family, whether or not liability exists, if such insurance is included in the insured’s contract insuring against bodily injury or death, or

(ii) the loss of or damage to property,

but does not include,

(iii) insurance that is incidental to another class of insurance,

(iv) aircraft insurance, or

(v) automobile insurance;

(f.1) life insurance, except life insurance underwritten by a fraternal society;

(g) limited weather insurance, which is insurance for loss or damage resulting from a windstorm, a cyclone, a tornado, rain, hail, a flood or frost, other than a type of loss for which hail insurance or crop insurance provides;

(h) mortgage insurance, which is insurance for loss caused by a borrower’s default under a loan secured by a mortgage on real property, by a hypothec on immovable property or by an interest in real or immovable property; and

(i) surety insurance, which is insurance other than credit insurance or mortgage insurance,

(i) guaranteeing the performance of a contract or an undertaking, or

(ii) guaranteeing the payment of a penalty or of an indemnity for a default. R.R.O. 1990, Reg. 667, s. 2; O. Reg. 362/98, s. 1.